Overview: Argentina is rich in natural resources and has a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, following decades of mismanagement and statist policies, the economy has encountered major problems in recent years, leading to escalating inflation and a recession in 1988-90. A widening public-sector deficit and a multidigit inflation rate have dominated the economy over the past three years; retail prices rose nearly 5,000% in 1989 and another 1,345% in 1990. Since 1978, Argentina's external debt has nearly doubled to $60 billion, creating severe debt-servicing difficulties and hurting the country's creditworthiness with international lenders.

GNP: $82.7 billion, per capita $2,560; real growth rate - 3.5% (1990 est.)

Inflation rate (consumer prices): 1,350% (1990)

Unemployment rate: 8.6% (May 1990)

Budget: revenues $12.2 billion; expenditures $17.3 billion, including capital expenditures of $2.8 billion (1989)

Exports: $12.4 billion (f.o.b., 1990); commodities--meat, wheat, corn, oilseed, hides, wool; partners--US 12%, USSR, Italy, Brazil, Japan, Netherlands

Imports: $4.1 billion (c.i.f., 1990); commodities--machinery and equipment, chemicals, metals, fuels and lubricants, agricultural products; partners--US 22%, Brazil, FRG, Bolivia, Japan, Italy, Netherlands

External debt: $60 billion (December 1990)

Industrial production: growth rate 5% (1991 est.); accounts for 30% of GDP

Electricity: 16,749,000 kW capacity; 45,580 million kWh produced, 1,410 kWh per capita (1990)

Industries: food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel

Agriculture: accounts for 15% of GNP (including fishing); produces abundant food for both domestic consumption and exports; among world's top five exporters of grain and beef; principal crops--wheat, corn, sorghum, soybeans, sugar beets; 1987 fish catch estimated at 500,000 tons

Economic aid: US commitments, including Ex-Im (FY70-89), $1.0 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $4.0 billion; Communist countries (1970-89), $718 million

Currency: austral (plural--australes); 1 austral (2) = 100 centavos

Exchange rates: australes (2) per US$1--9,900 (April 1991), 4,707 (1990), 423 (1989), 8.7526 (1988), 2.1443 (1987), 0.9430 (1986), 0.6018 (1985)

Fiscal year: calendar year

NOTE: The information regarding Argentina on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Argentina Economy 1991 information contained here. All suggestions for corrections of any errors about Argentina Economy 1991 should be addressed to the CIA.